King & Spalding LLP advised The Western Union Company on the deal.
The Western Union Company (NYSE: WU, Western Union) entered into an agreement to subscribe for new shares for a stake of up to 15% in STC’s digital secure wallet and financial technology services arm, stc Pay.
The transaction values stc Pay at US$ 1.3 billion, thus creating the first Unicorn in Saudi Arabia, the third Unicorn in the Middle East, and the first in the Middle East for Fintech.
Western Union is the world’s largest money transfer firm. stc Pay provides digital and financial services to individuals and companies and launched a digital wallet mobile application in 2018. It currently has more than 4.5 million users. Its parent, STC, is listed on the Saudi Tadawul and its majority owner is the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and is the leading Saudi telecommunications services provider.
The King & Spalding team included Nabil A. Issa (Picture), Simon Rahimzada, Saud Aldawsari, Krishna Omkar, Jill A. McWhirter and Asal Saghari.
Involved fees earner: Saud Aldawsari – King & Spalding; Nabil Issa – King & Spalding; Jill McWhirter – King & Spalding; Krishna Omkar – King & Spalding; Simon Rahimzada – King & Spalding; Asal Saghari – King & Spalding;
Law Firms: King & Spalding;
Clients: Western Union;